v3.26.1
Intangible Assets, Net
 6 Months Ended
Jun. 30, 2026
Intangible Asset, Goodwill and Other [Abstract]  
Intangible Assets, Net

10. Intangible Assets, Net

 

Intangible assets, net are comprised of the following:

 

(in thousands)  June 30,
2026		   December 31,
2025		 
Intellectual property  $2,656   $2,656 
Accumulated amortization   (98)   (24)
Intellectual property, net   2,558    2,632 
           
Software   50    50 
Accumulated amortization   (40)   (32)
Software, net   10    18 
           
Intangible assets, net  $2,568   $2,650 

 

Intangible assets consist primarily of intellectual property acquired in the Strategic Transaction, which was recorded at an acquisition-date fair value of $2.7 million and is being amortized on a straight-line basis over an estimated useful life of 18 years. Internal use software is amortized over three years.

 

Amortization expense was negligible and $0.1 million for the three and six months ended June 30, 2026, respectively, and negligible for the three and six months ended June 30, 2025. Amortization expense is recorded in the condensed consolidated statements of operations within cost of revenues or selling, general and administrative expense depending on the nature and use of the underlying intangible asset. No impairment losses were recognized for intangible assets during the three and six months ended June 30, 2026 and 2025.

 

Estimated future amortization expense as of June 30, 2026 is as follows:

 

Year (in thousands)   Amount  
July – December 2026   $ 81  
2027     148  
2028     146  
2029     146  
2030     146  
Thereafter     1,901  
Total   $ 2,568